The most important pieces on the Panama Papers — and why you need to read them
The Panama Papers leak: everyone’s talking about it. Apart from the people who aren’t, because, frankly, it isn’t all that surprising. Yes, the world’s elite hide their money away in offshore tax havens — are we meant to be surprised?
But there’s more to it than that. The biggest ever data leak, comprising of millions of documents from Panama law firm Mossack Fonseca, points the finger at more than 100 politicians, business-leaders and public figures from across the globe. We now know the specifics of how a vast number of the planet’s richest are exploiting secretive offshore tax regimes: and there’s more to come.
It’s not yet known how far-reaching the effects of the investigation will be, but the media is already speculating about world leaders resigning and tax laws being transformed.
Here is upday’s roundup of the the key parts (so far) of this remarkable data-dump:
Who’s on the naughty list?
Russia’s Vladimir Putin, Ukrainian president Petro Poroshenko and even David Cameron’s dad are mentioned in the 2.6 terabytes leak.
Surprise, surprise, world football’s governing body, Fifa, is also caught up in the revelations.
According to this BBC News explainer, there are:
· 12 current of former heads of state implicated in the data.
· More than 60 relatives and associates of heads of state and senior political figures.
The vast tranche of documents allegedly shows how Mossack Fonseca has helped some of its clients launder money, dodge sanctions and avoid tax.
Why do the Panama Papers matter?
Some may think the revelation that the world’s wealthiest hide their fortunes and avoid paying tax is #notnews, but there’s more to this than rich people simply hoarding cash.
Behind the complex email chains and almost impenetrable paper trails that comprise the Panama Papers, there are often unseen victims of the kind of wrongdoing enabled by this murky industry.
This powerful video, produced by the International Consortium of Investigative Journalists, explains that practices like this aren’t victimless.
World leaders, cronies and family members are all involved
Here are some of the paper trails leading to of the most explosive ones — David Cameron’s father and Russian president Vladimir Putin.
PM’s family causes him further embarrassment
Ian Cameron — the prime minister’s father who died in 2010 — allegedly used Mossack Fonseca’s services to shield his investment, Blairmore Holdings Inc, from the UK taxman for 30 years, The Independent reports.
www.independent.co.uk
Russia’s response to the leaks: You’re all out to get us
Putin is linked to a suspected money-laundering ring worth billions and involving close associates of the Russian leader.
In Russia, where political dissent and the notion of a free press are routinely met with violence and oppression, the Panama Papers leak is being spun as “Putinphobia” directed at the country by the West.
Kremlin spokesman, Dmitry Peskov, says the leak is aimed to “destabilise the situation in Russia ahead of elections”.
www.theguardian.com
Iceland’s PM walks out on camera over Panama Papers
Some of the documents show that Iceland’s PM Sigmundur Gunnlaugsson had an undeclared interest in connection with some of his wife’s apparently hidden wealth.
On Sunday, he walked out of an interview (after thoughtfully taking off his radio mic) when the allegations were put to him.
He is now facing calls to resign, but he is refusing to quit. For now.
What is Mossack Fonseca anyway?
Ever heard of Mossack Fonseca? Probably not.
It’s the firm at the centre of the scandal and apparently counts drug lords, mafia members and corrupt politicians galore among its clients.
The Guardian also says that the law firm’s co-founder Jürgen Mossack advised the company linked to the infamous 1983 Brink’s-Mat heist — an audacious £26m gold bullion robbery dubbed at the time the “crime of the century.”
Reacting to the leak, the company says it has operated “beyond reproach” for 40 years and has never been charged with criminal wrong-doing.
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Top image credit: By SaavedraVS (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons